UPDATE from Bloomberg:
Crude Oil Declines on Economic Outlook
By Jacob Adelman and Lananh Nguyen – Apr 9, 2012
Futures slid as much as 1.6 percent as trading resumed after the Easter holiday weekend. International negotiations with Iran’s government are scheduled to start this week.
From earlier today: From Mish today (near bottom of the post):
Obama Threatens War
President Obama made no offer to “negotiate” anything [with Iran]. Rather Obama’s “Last Chance” message can only be construed as a thinly veiled threat to wage war.
No doubt, the warmongers in Congress and the defense department are angling for just that. However, the US cannot afford and the world does not need another nonsensical war, one that could easily cause the price of gasoline to double or more.
Mike “Mish” Shedlock, http://globaleconomicanalysis.blogspot.com
Since the Obama administration and friends have made no secret of their desire to increase the price of gasoline in order to get us out of our cars, this ‘warmongering’ meme fits nicely. Note that the administration has been ‘threatening’ off and on for at least two years.
We must admit that threatening beats the real thing and helps both Iran’s leadership as well as the Obama leadership, whereas war could actually get one or both of them hurt.
Our subject line, for you younger readers, is taken from the writings of Randolph Bourne (1886-1918),
..the State represents all the autocratic, arbitrary, coercive, belligerent forces within a social group, it is a sort of complexus of everything most distasteful to the modern free creative spirit, the feeling for life, liberty, and the pursuit of happiness. War is the health of the State. Only when the State is at war does the modern society function with that unity of sentiment, simple uncritical patriotic devotion, cooperation of services, which have always been the ideal of the State lover…
We mentioned Bourne a year ago, but we think his thoughts bear repeating.